Dollar reverses to trade lower vs. euro after CPI data

RachelKoning

CHICAGO (CBS.MW) -- The dollar forfeited a small gain against the euro and is now trading marginally weaker against Europe's shared currency. The reversal followed a consumer price index report that offered little surprises and raised some doubts for aggressive or immediate Federal Reserve rate hikes. With energy prices nearly flat, U.S. consumer prices rose a seasonally adjusted 0.2 percent in April, the Labor Department reported Friday. It's the smallest gain of the year. The core rate of the consumer price index, which strips out food and energy costs, rose 0.3 percent. The dollar was down 0.3 percent against the euro, with the shared currency valued at $1.1840 in early U.S. trading. The dollar maintained a slim gain on the yen after the data, up 0.1 percent at 114.64 yen.

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